Agency
In Oklahoma, when a licensee serves as both the listing agent for the seller and the agent for the buyer in the same transaction without proper disclosure or consent, this is:
AStandard dual agency that requires no disclosure
BUndisclosed dual agency, which is a serious violation of fiduciary duties and OREC rules that can result in license suspension, denial of commissions, and civil liability✓ Correct
CAcceptable if the transaction closes successfully
DOnly a violation if the property is residential
Explanation
Undisclosed dual agency is one of the most serious violations in Oklahoma real estate. Without informed written consent from both parties, the agent cannot properly serve either client's interests.
Related Oklahoma Agency Questions
- An Oklahoma buyer signs a buyer's representation agreement with an agent. The buyer then works directly with a seller's agent without informing their buyer's agent. The buyer may:
- Oklahoma requires agency disclosure to be provided in which form?
- An Oklahoma listing agent who learns that the seller's property has foundation damage is required to:
- In an Oklahoma designated agency arrangement, the broker:
- An Oklahoma buyer's agent learns that her client plans to offer significantly below asking price because the client is a cash buyer and can close in 14 days. Regarding the seller, the agent should:
- In Oklahoma, which statement about a buyer's representation agreement is TRUE?
- In Oklahoma, when an agent represents the seller, the agent should NOT:
- Under Oklahoma agency law, which action would constitute a breach of the duty of confidentiality?
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